Following is my email complain to Investment Industry Organization of Canada (IIROC):
Dear Madam &Gentleman:
I am a shareholder of Lico energy metals company with a 430,000 common shares of stock WCTXF. I am writing to complain Lico energy metals' suspicious activities in an so-called 60% option out with Surge exploration company:
1) On April 28, Tim Fernback, director of Copper Gold Creek Corp(CGCC), announced that CGCC's name is changed into Surge Exploration and the original common stocks of CGCC will be subjected a 2:1 forward split, so that surge's new OS stocks is doubled from 33,410,130 to 66,820,260 shares.
2) Few days later, on the May 8, 2018, Same Tim Fernback, director of Lico energy metals, announced 60% options out deal with Surge and the deal is subject a approval from TSX Venture Exchange
3) In between the two announcements, Lico managements such as Tina White, Dwayne Melrose, etc, all cash out their wctxf stocks, causing stock pps rapidly drops from $0.10 down to $0.05 per share and leaving all public stockholder in dark! In a rough estimation, Tina, Tim & execs sold $281,720 in WCTXF shares between December 2017 and February 2018 and It turns out later, Tina become a new secretary of Surge and Melrose left the company for unspecified reason!
4) One striking thing is now both Lico and Surge share a same office at 789-1220 Ponder Street, Vancouver, BC V6c,1H2, Canada. They share a same secretary Tina White with a same director, Tim Fernback. I can not believe that the CEO can sell 60% of Ontario properties to a company he is already employed and a shareholder. With Robert and Tina it's a great scam. First Cobalt would surely have given more than Surge exploration inc. It looks like they are playing the world's most vicious game : deliberately suppress the Lico stocks value and at same time artificially doubled the stock number of Surge. And then, with a so-called “option out” magic game, the money of Lico's ordinary or 'minority' investors will “naturally” slip into the pockets of Tim Fernback and his co-workers. As one trader stated from Stockhouse's board of wctxf: “ have been investing for nearly 30 yrs and have not seen or experienced anything this blunt since Nortel lawsuit, there should be jail time for deliberate fraud. These people never had any intention of seeing this company do well...”
5) Based on above facts, It is obvious that the Lico/Surge option out deal severely violate TSX venture exchange policy 5.9 and MI 61-101: Protection of Minority Security Holders in Special Transactions. With their fraud actions, I have already lost $27,000, 60% of my original investment in Lico company. I strongly urge you to promptly disprove this dirty option out deal and to punish the relative criminals involved by taking the following steps: a) forming an investigation team to look into the scheme, including interviewing Mr Melrose to find out any wrong doing or abuse from the existing management.; b) Contact with Canadian Glencore corp to see if there ever any 51% back-in agreement exist or it is just a fishing plot propaganda made by Lico management for the purpose of pumping the stock price up for dumping purpose. c) forming a new management team to take over company's business asap to guide Lico back into normal status. d) report to Canadian law enforcement department to start the criminal investigation into the case, all the criminals must be punished under the Canadian law.
6) While we are complaining here to seek help from Canadian Government, we are also looking into a possible law suit against this Lico management and seeking media help to let public knowing their ugly faces of Lico management.
